ETF Research Center

Invesco India ETF

ALTAR
Score™

4.7%

Recommen-
dation

AVOID

2025E 2026E
P/E ratio	21.0x	P/Sales ratio	2.2x
P/BV ratio	2.9x	Div. yield	1.8%

Description
Performance
Comps
Fundamentals
Valuation
Rating

Invesco India Portfolio seeks investment results that correspond to the price and yield of the Indus India Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Invesco
Website	www.invesco.com
Inception date	Mar 05, 2008
Assets (mns)	$197
Currency	USD
Expense ratio	78 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Brown Brothers Harriman & Co
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	177
Wgt avg mkt cap (mns)	$50,741
Large cap (>$10bn)	81.1%
Mid cap ($2-10bn)	17.7%
Small cap (<$2bn)	0.4%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	39.2 %
HDFC BANK LIMITED	7.8 %
RELIANCE INDUSTRIES LTD	6.5 %
ICICI BANK LTD	5.5 %
BHARTI AIRTEL LIMITED	3.7 %
INFOSYS TECHNOLOGIES LTD	3.7 %
CASH/RECEIVABLES/PAYABLES	3.7 %
MAHINDRA & MAHINDRA LTD.	2.3 %
TATA CONSULTANCY SVS LTD	2.1 %
AXIS BANK LIMITED	1.9 %
BAJAJ FINANCE LTD	1.9 %

TOP COUNTRY EXPOSURE
	INDIA	89.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.8%	0.8%	8.7%	9.2%	3.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.35	20%
MSCI EAFE	0.46	25%
MSCI Emg. Mkts.	0.48	32%

Technical Indicators
Recent close	$23.75
30d moving avg.	$24.14
Annualized volatility	14.5%
Short interest (ETF)	0.2%
Relative strength (RSI)	44

Liquidity measures
Avg. volume (thou.)	52
Turnover	0.6%
Bid/Ask (% of price)	0.30%
ADV underlying (mns)	$832

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 142 potential alternatives to the Invesco India ETF ETF based on the alternatives' overlap in portfolio holdings with PIN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PIN

Expense:

78 bp

ALTAR Score™:

4.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PIN
Ticker	Fund Name	Overlap¹ vs PIN (%)	Expense ratio (bp)	Savings vs PIN (bp)	ALTAR Score™ (%)	ALTAR vs PIN (%)
INDA	iShares MSCI India ETF	78.0	65	13	4.1	-0.5
FLIN	Franklin FTSE India ETF	70.1	19	59	3.7	-1.0
INDY	iShares India 50 ETF	61.4	89	-11	5.1	+0.4
EPI	WisdomTree India Earnings Fund	55.6	85	-7	4.4	-0.3
NFTY	First Trust India NIFTY 50 Equal Weight ETF	43.9	80	-2	4.5	-0.2
NDIA	Global X India Active ETF	25.8	75	3	4.9	+0.2
XC	WisdomTree Emerging Markets Ex-China Fund	25.7	32	46	5.5	+0.8
BKF	iShares MSCI BIC ETF	25.2	69	9	11.9	+7.2
XCNY	SPDR S&P Emerging Markets ex-China ETF	19.4	15	63	6.3	+1.6
RNEM	First Trust Emerging Markets Equity Select ETF	19.0	75	3	7.8	+3.1
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	18.1	32	46	5.3	+0.6
STXE	Strive Emerging Markets Ex-China ETF	17.6	32	46	6.1	+1.4
GLIN	VanEck India Growth Leaders ETF	16.7	77	1	4.9	+0.3
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	16.6	40	38	6.1	+1.4
EMXC	iShares MSCI Emerging Markets ex China ETF	16.6	25	53	5.8	+1.1
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	16.6	25	53	5.9	+1.2
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	16.1	24	54	6.3	+1.6
JHEM	John Hancock Multifactor Emerging Markets ETF	15.2	49	29	8.2	+3.6
LDEM	iShares ESG MSCI EM Leaders ETF	15.2	17	61	11.3	+6.6
EEMA	iShares MSCI Emerging Markets Asia ETF	15.2	49	29	7.8	+3.2
INCO	Columbia India Consumer ETF	15.0	75	3	1.6	-3.1
XCEM	Columbia EM Core ex-China ETF	14.2	16	62	6.5	+1.8
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	13.9	30	48	7.5	+2.8
AAXJ	iShares MSCI All Country Asia ex Japan ETF	13.7	70	8	7.2	+2.5
EMMF	WisdomTree Emerging Markets Multifactor Fund	13.6	48	30	6.0	+1.3
FLAX	Franklin FTSE Asia Ex Japan ETF	13.5	19	59	7.4	+2.7
GMF	SPDR S&P Emerging Asia Pacific ETF	13.2	49	29	8.4	+3.7
VWO	Vanguard FTSE Emerging Markets ETF	12.9	7	71	9.0	+4.4
NUEM	Nuveen ESG Emerging Markets Equity ETF	12.7	36	42	6.6	+2.0
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	12.5	15	63	8.4	+3.8
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	12.5	32	46	7.0	+2.3
ECON	Columbia Emerging Markets Consumer ETF	12.2	49	29	9.9	+5.3
EEM	iShares MSCI Emerging Markets ETF	11.9	69	9	8.0	+3.4
DEHP	Dimensional Emerging Markets High Profitability ETF	11.8	41	37	5.2	+0.6
AVES	Avantis Emerging Markets Value ETF	11.8	36	42	9.5	+4.8
SCHE	Schwab Emerging Markets Equity ETF	11.8	11	67	9.4	+4.8
EMGF	iShares Emerging Markets Equity Factor ETF	11.7	25	53	9.4	+4.7
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	11.4	95	-17	10.2	+5.6
EMXF	iShares ESG Advanced MSCI EM ETF	11.2	16	62	7.1	+2.5
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	11.2	36	42	7.9	+3.3
BKEM	BNY Mellon Emerging Markets Equity ETF	11.2	11	67	7.9	+3.3
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	11.2	66	12	7.6	+3.0
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	11.1	45	33	8.4	+3.7
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	11.1	75	3	8.2	+3.6
AVXC	Avantis Emerging Markets Ex-China Equity ETF	11.1	33	45	6.8	+2.1
EVLU	iShares MSCI Emerging Markets Value Factor ETF	10.9	35	43	11.6	+7.0
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	10.9	30	48	8.0	+3.4
IEMG	iShares Core MSCI Emerging Markets ETF	10.8	9	69	8.5	+3.8
ESGE	iShares ESG Aware MSCI EM ETF	10.5	25	53	8.4	+3.8
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	10.3	88	-10	7.2	+2.5
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	10.3	15	63	6.5	+1.9
ROAM	Hartford Multifactor Emerging Markets ETF	10.3	44	34	10.3	+5.6
SPEM	SPDR Portfolio Emerging Markets ETF	10.1	7	71	9.2	+4.6
DEXC	Dimensional Emerging Markets ex China Core EquityETF	9.8	53	25	6.0	+1.4
DFAE	Dimensional Emerging Core Equity Market ETF	9.3	35	43	7.4	+2.7
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	9.3	20	58	8.4	+3.7
DFEV	Dimensional Emerging Markets Value ETF	9.3	43	35	10.4	+5.7
DGIN	VanEck Digital India ETF	9.1	71	7	1.2	-3.4
PXH	Invesco FTSE RAFI Emerging Markets ETF	9.1	49	29	13.5	+8.9
EMC	Global X Emerging Markets Great Consumer ETF	8.7	75	3	6.9	+2.2
AVSE	Avantis Responsible Emerging Markets Equity ETF	8.6	33	45	6.9	+2.3
AVEM	Avantis Emerging Markets Equity ETF	8.5	33	45	7.2	+2.5
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	8.5	39	39	14.3	+9.7
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	8.3	33	45	8.1	+3.4
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	8.1	41	37	7.1	+2.4
FDEM	Fidelity Emerging Markets Multifactor ETF	8.1	25	53	10.7	+6.0
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	8.0	38	40	7.5	+2.8
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	7.6	44	34	9.4	+4.7
EEMO	Invesco S&P Emerging Markets Momentum ETF	7.3	29	49	6.9	+2.2
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	6.9	59	19	7.4	+2.8
IPAV	Global X Infrastructure Development ex-U.S. ETF	6.4	55	23	5.9	+1.2
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	6.0	50	28	9.2	+4.5
JADE	JPMorgan Active Developing Markets Equity ETF	5.4	65	13	6.5	+1.8
MEM	Matthews Emerging Markets Equity Active ETF	5.0	79	-1	6.3	+1.7
SMIN	iShares MSCI India Small Cap ETF	4.7	79	-1	3.5	-1.2
VIGI	Vanguard International Dividend Appreciation ETF	4.6	10	68	5.7	+1.0
UEVM	VictoryShares Emerging Markets Value Momentum ETF	4.4	45	33	9.4	+4.7
ACWV	iShares MSCI Global Min Vol Factor ETF	4.3	20	58	5.3	+0.7
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	4.3	60	18	7.6	+2.9
DEM	WisdomTree Emerging Markets High Dividend Fund	4.1	63	15	11.9	+7.2
VEU	Vanguard FTSE All-World ex-US Index Fund	3.8	4	74	6.8	+2.2
PICK	iShares MSCI Global Metals & Mining Producers ETF	3.7	39	39	8.7	+4.0
ACWX	iShares MSCI ACWI ex U.S. ETF	3.7	34	44	6.4	+1.8
JIVE	JPMorgan International Value ETF	3.7	55	23	9.6	+4.9
EEMS	iShares MSCI Emerging Markets Small Cap ETF	3.6	70	8	6.8	+2.2
VXUS	Vanguard Total International Stock ETF	3.6	5	73	6.8	+2.1
IXUS	iShares Core MSCI Total International Stock ETF	3.6	7	71	6.7	+2.0
NXTG	First Trust Indxx NextG ETF	3.5	70	8	4.4	-0.3
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	3.5	18	60	6.4	+1.8
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	3.1	41	37	6.4	+1.7
FTAG	First Trust Indxx Global Agriculture ETF	3.0	70	8	7.5	+2.8
VSGX	Vanguard ESG International Stock ETF	3.0	10	68	6.6	+2.0
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	2.8	47	31	5.8	+1.1
LEGR	First Trust Indxx Innovative Transaction & Process ETF	2.8	65	13	7.1	+2.4
CGXU	Capital Group International Focus Equity ETF	2.7	54	24	4.7	+0.0
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	2.7	30	48	6.6	+1.9
JIG	JPMorgan International Growth ETF	2.7	55	23	3.9	-0.7
SCHY	Schwab International Dividend Equity ETF	2.7	14	64	8.8	+4.1
CWI	SPDR MSCI ACWI ex-US ETF	2.7	30	48	6.4	+1.8
FEM	First Trust Emerging Markets AlphaDEX Fund	2.4	80	-2	10.2	+5.5
MINV	Matthews Asia Innovators Active ETF	2.1	79	-1	5.4	+0.8
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	2.0	47	31	6.9	+2.3
EYLD	Cambria Emerging Shareholder Yield ETF	1.9	66	12	10.5	+5.9
IQDF	FlexShares International Quality Dividend Index Fund	1.8	47	31	7.5	+2.9
IGRO	iShares International Dividend Growth ETF	1.7	15	63	6.2	+1.6
AVEE	Avantis Emerging Markets Small Cap Equity ETF	1.5	42	36	8.6	+3.9
CRBN	iShares MSCI ACWI Low Carbon Target ETF	1.4	20	58	4.8	+0.1
ACWI	iShares MSCI ACWI ETF	1.3	32	46	4.7	+0.1
DVYE	iShares Emerging Markets Dividend ETF	1.3	49	29	16.7	+12.1
VT	Vanguard Total World Stock ETF	1.3	6	72	5.1	+0.4
DGT	State Street SPDR Global Dow ETF	1.2	50	28	5.9	+1.3
VEGI	iShares MSCI Agriculture Producers ETF	1.2	39	39	8.0	+3.4
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	1.2	67	11	13.2	+8.5
KNCT	Invesco Next Gen Connectivity ETF	1.2	40	38	3.9	-0.7
KLMT	Invesco MSCI Global Climate 500 ETF	1.1	10	68	5.0	+0.3
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	1.0	58	20	8.5	+3.8
VYMI	Vanguard International High Dividend Yield ETF	1.0	17	61	8.2	+3.5
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	1.0	42	36	5.5	+0.9
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.9	12	66	4.3	-0.3
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.9	12	66	7.9	+3.3
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.9	49	29	8.6	+4.0
GLOF	iShares Global Equity Factor ETF	0.8	20	58	5.9	+1.3
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.8	46	32	8.2	+3.5
CGGO	Capital Group Global Growth Equity ETF	0.7	47	31	3.8	-0.9
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	0.6	78	0	8.6	+3.9
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.6	70	8	6.4	+1.8
JGLO	JPMorgan Global Select Equity ETF	0.6	33	45	4.3	-0.3
DWX	SPDR S&P International Dividend ETF	0.5	45	33	6.8	+2.1
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.5	79	-1	7.1	+2.4
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.5	49	29	4.8	+0.2
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.3	9	69	4.9	+0.2
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.3	10	68	6.3	+1.6
CGW	Invesco S&P Global Water Index ETF	0.3	57	21	4.2	-0.5
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.3	65	13	7.1	+2.4
ANEW	ProShares MSCI Transformational Changes ETF	0.2	45	33	4.6	-0.1
AVRE	Avantis Real Estate ETF	0.2	17	61	6.8	+2.2
ERTH	Invesco MSCI Sustainable Future ETF	0.2	62	16	3.1	-1.6
REET	iShares Global REIT ETF	0.2	14	64	7.1	+2.4
ICLN	iShares Global Clean Energy ETF	0.2	41	37	2.8	-1.9
DFGR	Dimensional Global Real Estate ETF	0.2	22	56	7.3	+2.6
DEW	WisdomTree Global High Dividend Fund	0.2	58	20	7.5	+2.8
PIO	Invesco Global Water ETF	0.1	75	3	3.8	-0.9

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Invesco India ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.4	%
Divided by: Fwd. P/BV	2.8	x
Less: Expense ratio	78	bp
Equals: ALTAR Score	4.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	CATEGORY AVERAGE	1.54

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.